Singapore has devised laws for Singapore instruments with meaning related to the economy of the country. Similarly, there are negotiable instruments laws in other countries. It must also give the right to sue to the holder if there are some means of discrepancies in the transaction. For example, the mode of the transaction will be considered under the NI act if they can be transferred by endorsement or delivery. Any other instrument can be considered to be negotiable if it qualifies to some basic criteria. The law considers each of these negotiable instruments separately and has defined rules for each of them. It enlists cheques, exchange bills, and promissory notes, but excludes hundis, a common means of monetary transfer prevalent in some parts of India. According to the Indian negotiable instrument act 1881, negotiable instruments can be anything that has a monetary value and are transferable. To know what is negotiable instrument act, we need to understand them based on our country. Although another form of payment method called hundis is prevalent in India, it is not considered in the Indian negotiable instrument act. The act defines the list of negotiable instruments in India consisting of promissory notes, bills of exchange, and cheques. The Indian negotiable instrument act identifies each of such documents individually and has separate rules for each of them. It is mainly devised to govern the use of such documents in transactions. Like many other countries, India also had the Negotiable Instruments Act being validated in 1881. Therefore, the two main characteristics of negotiable instruments are financial value and ease of transfer. Additionally, such instruments must also be transferable between individuals. The best way to define negotiable instruments is to consider them as anything that possesses monetary values. Talking about negotiable instrument meaning, the first things that come to our mind are bills and cheques. Let us know the definition of negotiable instruments or the meaning and kinds of negotiable instruments in detail. Several countries have devised their own negotiable instrument laws. However, in recent times, there has been the introduction of several negotiable instruments (NI), which has eased out the transaction process. Cash was mainly used as the preferred mode in exchange for goods or services. The previous methods mainly focussed on cash transactions. Open-book research, reference materials and internet searches are permitted.There are several modes of financial transactions.Collaborating, or completing the exam with others, is not permitted.Your answers will automatically be saved, but note the timer will continue to countdown to zero and automatically submit your quiz when the provided time runs out. If you purposefully, or inadvertently, close the quiz window, you may re-enter by clicking the "Resume Quiz" button. After you submit the quiz, you will no longer be able to access it. there will not be an opportunity to re-take it and improve your score). Number of attempts: You will have only one attempt for this quiz (i.e. Time limit: You have 20 minutes to complete the quiz. For "fill in the blank," write your answer in the provided text field. Quiz format: There are various formats represented in this quiz, such as "multiple choice," "select all that apply," and "short answer." For "multiple choice" items, please read the question very carefully. Make sure you read and study the materials prior to taking the quiz. If you are not familiar with the material before the quiz, you will find it very difficult to complete the quiz within the time limit.Ĭourse content tested: This quiz is designed to check your gist understanding and test key points from the course materials from this module.
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